Cash-in & Cash-out Guide

By adminz on 12th April, 2018

The gambling industry seems to be growing at the speed of light. Your account needs to be protected at all times. That’s why a reputed casino will always take pride in delivering excellent service. Moreover, it needs to be fully licensed, obey the law, and collaborate with gambling addiction organizations.   

In order for transactions to run safely, casinos need to provide their guests with several methods when it comes to both withdrawing and depositing money into an account. Several online gambling websites have decided to take it up a notch and add to the player’s first deposit incentives. All the better to play with!

Usually, there are more methods of depositing money than withdrawing. The transactions depend on the method of your choice. The whole process can take several working days to be completed.

We can definitely say that the Canadian market is influenced by payment methods.  

PayPal, for example, is a service that enables you to pay, send money, and accept payments. Various casinos need a good collaboration with the Canadian authorities. In order for an online casino to become reliable and more approachable by the Gaming Control Board, the provider asks for operators to manage their activity within the country by having at least a bank account and an office.

We strongly recommend you to opt for a casino that delivers at least one payment method from each main category as follows:

  • Debit and Credit Cards;
  • E-Wallets;
  • Wire Transfers;
  • Pay by Phone;
  • Cryptocurrency.

The increasing payment methods in the ever-growing gambling industry could have influenced the blooming of new online casinos and the other way around.

It is utmost important to always check thoroughly the payment and withdrawal methods of an online casino before jumping to a deposit. This is a characteristic that shows the target a specific platform has. If you’re a fast-paced player, then you are advised to try out an e-wallet such as Skrill, PayPal or Neteller. These methods promise a quick transfer, within 24 hours. Wire transfers, on the other hand, are probably the slowest of them all.

Next, we’ll examine each category and give specific examples regarding payment methods.

Debit and Credit Cards

These are considered to be among the most common and also accessible payment methods. CasinoBonusCa considers that the reputation of this method relies on its history on the market.

Please note that, like in any other case, Debit and Credit Cards come with certain restrictions. Withdrawals are usually those who come with limitations. Some companies do not encourage the gambling activity, therefore, they don’t allow any sort of transactions in this field. American Express is the perfect example of such policy.

On one hand, we have universal methods like Visa that allow players to both withdraw and deposit. Mastercard, however, doesn’t allow Canadian gamers to withdraw funds. We’ll show you exactly what restrictions these methods imply.

Debit and Credit cards deposit properties

Minimum deposit:                                                                       C$10

Minimum withdrawal:                                                                 C$20

Maximum deposit:                                                                    No limit

Maximum withdraw:                                   Up to unlimited but amount restricted per day

Process time deposit:                                                               Instant

Process time Withdrawal:                                                         24-48h/ No

Transfer cost deposit:                                                      Seldom up to 2,5%

Transfer Cost withdrawal:                                               Seldom up to 2,5%

Withdrawal limits per day:      Some casinos restrict the amount you can withdraw a day (T&C)   

E-Wallets

You don’t really need a credit card to have fun. There are several other ways to fund your account and withdraw winnings. E-Wallets have turn out to be easy ways to operate transactions. Moreover, some e-wallets such as Neteller and Skrill have been designed as a result of this industry’s growth. They aim at delivering the online mobile user a fresh method in order to easily deposit and withdraw funds.

Nowadays, Skrill and Neteller are believed to be some of the most popular methods in Canada. But keep in mind that nothing is free of charge, even if it may seem so. Though withdrawing and depositing are in fact free, there is something you should be aware of. In order to fund your Skrill or Neteller account, the fee varies between 1.75% - 1.90%. But they will soon have the same rate as they have recently become part of the same company.

These are some advantages and disadvantages of using e-wallets.  

E-wallets deposit properties

Minimum deposit:                                                                C$5 - C$10

Minimum withdrawal:                                                               C$20

Maximum deposit:                                                                  No limit

Maximum withdraw:                                   Up to unlimited but amount restricted per day

Process time deposit:                                                            Instant

Process time Withdrawal:                                                    1h - 24h

Transfer cost deposit:                                        No fee. Funding fee from 1-2,5%

Transfer Cost withdrawal:                                 No fee. Funding fee from 1-2,5%

Withdrawal limits per day:  Some casinos restrict the amount you can withdraw a day (T&C)

PayPal is recommended for players in search of versatility and an easy-to-use banking option. This is more of an exclusive option in Canada due to its strict rules. If you find a casino that provides this method, you should definitely stick to it as this shows that you will be valued as a member.

Wire Transfers

We like to think of this method as the “Old Faithful”, the one that’s too old to die young. This option is a bit out-of-date and not mobile-friendly but it has been there from the beginning. It is indeed the slowest method of them all. It can take up to 10 working days for transactions to be fully processed.

To process a wire transfer, make sure you contact the financial institution and let them know what your intentions are. This option is recommended for operating substantial amounts of money. We strongly advise you to opt for Zimpler, Trustly, and TrustPay.

Wire Transfers deposit properties

Minimum deposit:                                                               C$10

Minimum withdrawal:                                                         C$25

Maximum deposit:                                                             No limit

Maximum withdraw:                                Up to unlimited but amount restricted per day

Process time deposit:                                                        5 days

Process time Withdrawal:                                               1 - 10 days

Transfer cost deposit:                                   No fee. Funding fee from 1-2,5%

Transfer Cost withdrawal:                            No fee. Funding fee from 1-2,5%

Withdrawal limits per day: Some casinos restrict the amount you can withdraw a day (T&C)

Pay by phone – Pay by SMS – BOKU Pay by Mobile

There are various options you can use for depositing funds into your account with the use of your phone. You can deposit via SMS, pay by phone, or even opt for the mobile billing. The latter is the most efficient due to its rapidity. It’s believed to be a top option when considering mobile gaming. These methods aim at easing transactions for gamers. 70% of the players go for mobile online casinos and this is perfect for them.

The biggest plus would definitely be the fact that you can play now and pay tomorrow via phone bill. The daily deposits are usually limited to C$30.

Pay by Phone Bill Properties

Minimum deposit:                                                          C$10

Minimum withdrawal:                                                      N/A

Maximum deposit:                                                          C$30

Maximum withdrawal:                                                      NA

Process time deposit:                                                  Instant

Process time Withdrawal:                                                N/A

Transfer cost deposit:                                                    No fee.

Transfer Cost withdrawal:                                              No fee.

Withdrawal limits per day:                      N/A. Look for other withdrawal options

Cryptocurrency

The last few years have been like a roller coaster. The Canadian online gambling industry has witnessed its own rebirth. Bitcoin is considered to be one of the most secure payment methods on the market. Although it has a long way to go in order to become a widespread option, it’s moving forward as each day passes.

It is basically a digital currency. What sets it aside from other methods is that fact that it will protect you from illegal operations, therefore your personal and banking information will be kept safe. Bitcoin transactions do not need to be processed via bank institutions, meaning your data will not be shared with third parties. Most Canadian Bitcoin casinos are mobile-friendly so you’ll be able to enjoy your favourite games on-the-go.

These represent the top options to go to when considering both depositing and withdrawing your funds. We hope you find this information useful and consider these options in future play. For a better understanding, we encourage you to carefully read the Terms and Conditions every time you opt for a new casino.

Best of Luck!

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